(Alliance News) - Jubilee Metals Group PLC reported on Thursday its Abu Dhabi-based partner had formally agreed to form the copper waste rock joint-venture.
The London-based metal processing company said International Resources had exercised option for the formation of the waste rock joint venture, following the due diligence of the project undertaken by the group.
Back in December, Jubilee and International Resources Holding RSC signed a binding funding term sheet to form a dedicated special purpose vehicle that would acquire the copper waste rock asset in Zambia and come up with the processing solution.
Jubilee shares rose 4.6% to 5.70 pence in London on Wednesday afternoon. In Johannesburg, shares rose 4.5% to ZAR1.39.
The waste rock project aims to create an initial four copper processing modular plants, holding a combined feed capacity of more than 2.4 million tonnes per annum. They are expected to recover more than 20,000 tonnes per annum of copper in concentrates of which 30% will be attributable to Jubilee.
In a project update, Jubilee also said on Thursday its Roan upgrade project in Zambia is progressing to schedule with commissioning activities and ramp-up expected to commence next month.
Turning to South Africa, the company said it had extended chrome tolling agreements through to February 2027, securing a total processing feed capacity of 2.4 million tonnes per annum.
It said the construction of Thutse's second chrome processing module, with a capacity to produce 300,000 tonnes of chrome concentrates annually, is on track to start in August.
By Artwell Dlamini, Alliance News reporter
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Jubilee Metals (JLP)